India is a big rice exporter. We contribute to 40% of the global rice exports. Overnight all of this vanishes. This could affect nearly $1 billion worth of global rice contracts currently in place. That could push prices higher by another $100 per metric ton. And you can see why global prices are also inching north. If things take a turn for the worse, we might even soon have to import wheat at higher prices.
In today’s episode for 25th July 2023, we explain what could have prompted India to impose a sudden ban on rice exports and its global repercussions.
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